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[June 23, 2014]
US stocks slip below records; Micros gains
(Associated Press Via Acquire Media NewsEdge) NEW YORK (AP) — Stocks slipped below record levels on Monday as investors assessed corporate news. Micros Systems gained on news that it would be acquired by the business software maker Oracle.
KEEPING SCORE: The Standard & Poor's 500 index fell one point, or 0.1 percent, to 1,962 as of 10:08 a.m. Eastern. The Dow Jones industrial average dropped 25 points, or 0.2 percent, to 16,921. The Nasdaq composite index fell three points, or less than 0.1 percent, to 4,364.
DEAL NEWS: Micros Systems rose $2.18, or 3 percent, to $67.95 after Oracle said it was buying the company for about $5.3 billion. Integrys Energy jumped $8.90, or 14.6 percent, to $69.94 after Wisconsin Energy said it was buying the company for $5.8 billion.
Allergan was little changed at $165.54 after the company rejected another takeover bid from Valeant Pharmaceuticals International.
YOGA BATTLE: Lululemon rose $1.36, or 3.4 percent, to $41.53 after the Wall Street Journal reported that the company's founder was working with investment bank Goldman Sachs to shake up the yoga clothing company's board. Lululemon's stock is down 30 percent this year as the company works on improving its business since pulling one of its popular yoga pants from stores last spring because they were too sheer.
BONDS AND COMMODITIES: The yield on the 10-year Treasury note, which moves in the opposite direction to its price, fell to 2.60 percent from 2.61 percent Friday. The price of oil dropped 28 cents, or 0.3 percent, to $106.55 a barrel.
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